As a panelist for a discussion session titled “Stemming Financial Fragmentation”, Mr Chan noted that while geopolitics may subject regional and global financial markets to greater volatility, Hong Kong boasts a robust financial system and strong buffer, maintains a free and open business environment, and steadfastly upholds the linked exchange rate system.
Hong
Kong
SAR’s
Financial
Secretary,
Paul
Chan
(second
right),
participating
in
the
session
“Stemming
Financial
Fragmentation”
of
the
WEF
Annual
Meeting.
He
added
that
Hong
Kong
is
actively
embracing
financial
innovation,
including
the
development
of
digital
assets,
with
appropriate
regulations
in
place
to
promote
the
responsible
and
sustainable
growth.
In another thematic discussion, organised by the Giving to Amplify Earth Action launched by the WEF, the Financial Secretary noted that Hong Kong, as an international financial centre, plays to its strengths as a “super-connector” and “super value-adder” in promoting investment in climate projects. Hong Kong provides financial support for green and transition projects through its comprehensive financial services. It also seeks to facilitate co-operation among the public, private and philanthropic sectors.
In support of the city’s efforts to develop trade relations with “Global South” countries, Mr Chan held bilateral discussions with the Minister of Investment of Saudi Arabia, Khalid Al-Falih, and the Minister of Finance of Egypt, Ahmed Kouchouk, and invited them to lead business delegations to Hong Kong to explore mutually beneficial co-operation opportunities.
Mr Chan also met with the President and the Chief Executive Officer of Franklin Templeton, Jenny Johnson, to discuss the business expansion plans of the international fund group in the region.
A day earlier (January 22), Mr Chan met representatives from Coinbase, a United States cryptocurrency exchange platform, to learn about the company’s latest business development and exchange views on global trends and regulatory policies concerning digital assets.
Mr Chan also met with senior management from insurance provider Swiss Re, where he outlined Hong Kong’s initiatives to strengthen its role as an international risk management centre, including the development of innovative products such as catastrophe bonds. He emphasised that Hong Kong would continue to encourage businesses worldwide engaged in infrastructure and investment projects to leverage the city for comprehensive risk management, adding that Hong Kong seeks to attract more domestic and international companies to establish captive insurance companies in the city.
Other bilateral meeting included those with the Minister of Finance of Qatar, Ali bin Ahmed Al-Kuwari, and the State Secretary for International Finance, Federal Department of Finance of Switzerland, Daniela Stoffel, respectively. Exchanges focused on the latest global economic and financial landscapes and ways to enhance co-operation between Hong Kong and both economies in trade, financial services and infrastructure.
Mr
Chan
(left)
meeting
with
the
founder
and
executive
chairman
of
the
World
Economic
Forum,
Professor
Klaus
Schwab.
In
discussion
with
Professor
Klaus
Schwab,
founder
and
executive
chairman
of
the
WEF,
Mr
Chan
said
Hong
Kong
is
willing
to
strengthen
co-operation
with
the
WEF
in
different
areas,
including
green
transition,
financial
services
development,
urban
management,
and
more.
He
added
that
Hong
Kong
valued
its
participation
in
the
WEF
Annual
Meeting,
which
provides
an
opportunity
to
showcase
the
city’s
unique
advantages
under
the
“one
country,
two
systems”
principle
and
better
understand
international
trends,
exchange
views
with
various
economic
and
sectoral
representatives,
and
present
Hong
Kong’s
perspectives.
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